Managing Counsel, Claim

Taking care of our customers, our communities and each other. By honoring this commitment, we have maintained our reputation as one of the best property casualty insurers in the industry for over 170 years. Join us to discover a culture that is rooted in innovation and thrives on collaboration. The annual base salary range provided for this position is a nationwide market range and represents a broad range of salaries for this role across the country. the skills, education, training, credentials and experience of the candidate; As part of our comprehensive compensation and benefits program, employees are also eligible for performance-based cash incentive awards.
Target Openings
Bond & Specialty Insurance (BSI) provides management and professional liability, cyber, crime insurance, and surety bonds to or on behalf of businesses of all sizes. The BSI Claim Counsel team conducts thorough investigation, analysis, evaluation, and disposition of claims and claim litigation to achieve superior customer service and to optimize claim results. Travelers’ Construction Services Team includes legal, accounting, and engineering professionals to handle claims on construction-related and other surety bonds, mitigate exposures on construction surety accounts, and provide a wide range of business support and legal services to advance our mission to serve as trusted advisors to our underwriting partners. As a valued member of our team, in addition to claim, you also will provide legal advice to our underwriting colleagues and non-attorney claim colleagues, and participate in BSI claim strategic initiatives.
Follow operational policies to analyze, investigate, and resolve BSI claims of varying levels of severity with moderate supervision from claims management.
Prepare and present reports for management that accurately reflect loss development, potential/actual financial exposure, reserve adjustments, coverage issues, and claim and recovery strategies.
Retain, monitor, and manage outside counsel actively utilizing litigation management plans and budgets.
Communicate with underwriting on significant claim exposures.
Continue to develop the ability to identify all recovery opportunities and coordinate recovery efforts with the Recovery Management Unit and Claim management.
Travel to and attend mediations, settlement conferences, claim conferences, field office visits, trials and depositions.
Provide legal review and advice to underwriters on bond obligations and project contract documents. Review, draft and/or modify bond forms, contract documents and other agreements including, indemnity, takeover, completion, subcontractor ratification, financing and collateral.
Engage in account workout risk mitigation analysis, advise on mitigation strategies, and assist in execution of such strategies.
Monitor account bankruptcy proceedings and document post-bankruptcy indemnity. Draft and file proofs of claim and advise as to potential recovery. Negotiate the resolution of bonded obligations on defaulted contracts, and terms of agreements including indemnity agreements, letters of credit, set aside letters from lenders, intercreditor agreements and subordination agreements.
Determine whether bond exposure has expired, including for the purpose of releasing collateral, by reviewing bond terms, applicable law, and court dockets (when applicable).
Monitor marketplace conditions, conduct research, and draft reference materials to inform claim and underwriting colleagues on law impacting Travelers’ underwriting and claim decisions.
Review documents pertaining to mergers, equity sales and asset sales to determine the legal status and ownership of indemnitors undergoing a change of control. Draft and negotiate appropriate agreements to document indemnity changes related to such transactions.
Support underwriting marketing efforts, including participation in broker and account visits and risk mitigation seminars and authoring customer-focused white papers and articles.
Five or more years of relevant legal or claim handling work experience.
Time management skills with the ability to manage multiple priorities with an attention to detail, data and analytics.
Ability to build and maintain effective and collaborative relationships with colleagues, customers, and business partners.
Bachelor’s Degree.
Properly licensed, registered or authorized, and in good standing, to practice law in the jurisdiction in which you will be working.
Two years of relevant legal experience.
Health Insurance : Employees and their eligible family members – including spouses, domestic partners, and children – are eligible for coverage from the first day of employment.
Retirement: When you make a payment toward your student loan, Travelers will make an annual contribution into your 401(k) account. You are also eligible for a Pension Plan that is 100% funded by Travelers.
Paid Time Off: Start your career at Travelers with a minimum of 20 days Paid Time Off annually, plus nine paid company Holidays.
Volunteer Encouragement: We have a deep commitment to the communities we serve and encourage our employees to get involved. In accordance with local law, candidates seeking employment in Colorado are not required to disclose dates of attendance at or graduation from educational institutions.